Short and sweet
In the past 12 months, the digital transformation of the insurance industry has once again given a strong push forward. Cost pressure, regulatory requirements, and new competitors are currently placing great demands on the insurance industry. The expectations of all parties are rising, and digital services are increasingly expected from a sustainable insurance company. In such a competitive market, you need to stand out now. The sky's the limit! Because digital customer interfaces and automation quotas are by no means already fully exhausted. So if we think about the insurance of tomorrow, it will have little in common with the insurance of today. So, ask yourself the question - which of the two do you want to belong to?
How can you, as an insurance company, transform the interaction with customers so that they choose you in the long term? As described earlier, your customers expect more and more. They expect convenience, comfort, and support through digital and especially mobile communication channels. What you don't want: long waiting times and tedious form filling.
People today are used to all information and services being available online everywhere at the touch of a button. And their own insurance is no exception. So, the insurance of tomorrow must be digital. You have to say goodbye to printed insurance documents - as well, for reasons of sustainability. These are a thing of the past. In return, you should expand online sales channels and rely on digital voice assistants and chatbots. As a digital insurance company, give your customers the option of taking out, adjusting, or canceling insurance 24 hours a day. Of course, the latter must be avoided. Artificial intelligence can help you realize this 24-hour support. Because simple claims can be solved this way without your employees:inside. They are only called in for more complex cases. Customers of a digital insurance company can then easily check the status of claims processing online.
Data & Customization
Back to case three of your digital services: canceling an insurance policy. How can you prevent this? How do you convince customers of your value in the long term? Another aspect of tomorrow's insurance is a data-based approach. Insurance is based on experience and probability calculations. The outcome: more data = better service. Above all, data on the life situation and behavior of customers is of interest to you, for example when paying out or checking claims. But that's not all. Data also helps you prevent losses from occurring in the first place. For example, send your customers push notifications about approaching storms or burglaries in their neighborhood so that they can take appropriate precautions immediately.
Keyword two - individualization - can, of course, also not be realized without the corresponding data. In particular, the personal data of your customers helps to develop offers that are tailored precisely to their needs. Tomorrow's insurance will work with personalized rates and say goodbye to standardized policies. Tailor-made insurance packages are therefore the result of the fact that you really know your customers.
Digital user interfaces like Salesforce help you get to that point. However, implementation should not be underestimated. And automating processes also requires extensive intervention in the existing legacy systems. If you decide to work with a digitization partner, they will be there to support you every step of the way, using their expertise and know-how to help you overcome every challenge. You can find out more about this at the end of this article - now let's get to the solution first!
The Salesforce Solution
Salesforce, as the global leader in CRM solutions, presents one option for how you can upgrade to a digital, data-driven, and individualized insurance experience with the right tools. With the Financial Services Cloud and specific functionalities for insurance, you can build closer relationships with policyholders and serve them in a much more personalized way - including a 360-degree view with information on marital status, life stage and other criteria.
In the following, we would like to introduce you to the specific functions that the Financial Services Cloud uses to maintain the trust of your existing customers and to gain the trust of new customers, to increase your transparency, to create added value and to respond more strongly to individual needs.
The Financial Services Cloud
Know your policyholders!
Always keep track of all important KPIs. Act even smarter with integrated analytics: Give your sales force the right tools for comprehensive analytics and real-time insights that provide recommendations for adequate reporting. Exceptional service connects your sales and customer service reps with relevant policyholder information through out-of-the-box dashboards. Lastly, fully integrate your back-end systems with the Salesforce solution via the App Exchange.
To give you an insight into how you can map this in Salesforce, we will now show you the most important ones.
Functions of the Financial Services Cloud:
Lightning Flows: Accelerate time-to-value with a template library for common service operations, such as address changes or damage reports
Artificial intelligence: Helps you grow the customer base by prioritizing leads and shows churn risks using predefined dashboards
Relationship Center: Look at different relationship levels in one place, so you identify potentials and can take direct action
Insurance console: Outstanding insurance claims, up-selling or cross-selling opportunities and meaningful insights are available here in one view
Life events & business milestones: Create personalized and needs-based customer engagement by capturing and adequately supporting life events and milestones (e.g., birth of a baby, purchase of a home)
Document tracking & approval process: Collection and storage of documents made easy, configure a release process and increase the traceability of the release status
Frontend & Backend: A unified front end supports various back-end systems such as policy administration, accounting and claims processing, external data sources and more
The Salesforce Clouds
For more features, feel free to check out this datasheet from Salesforce. It remains to be said that the Financial Services Cloud can be flexibly combined with other clouds. To additionally optimize the customer journey and boost new customer acquisition, we recommend Marketing Cloud and Sales Cloud. AI tools such as Tableau CRM are also useful, for example, for identifying trends. To find out which clouds our customers have chosen in your industry, see here .
Which clouds we recommend you can here read more. Do you work in the insurance industry and would like to be even more responsive to the needs of your policyholders? We would be happy to show you how we can support you in this.
Haben Sie noch Fragen zu Salesforce, Salesfive oder sind Sie bereit, die Digitalisierung zu starten?
Wir helfen Ihnen gerne weiter in einem ersten Beratungsgespräch.